Alberta ends 2022-23 with petro-powered $11.6B surplus

Alberta finance minister Nate Horner speaks to the media at a news conference in Calgary on Thursday, June 29, 2023. THE CANADIAN PRESS/Jeff McIntosh

CALGARY — The Alberta government says it ended the 2022-23 budget year with a petro-powered $11.6 billion surplus, up from its third-quarter estimate of $10.4 billion.

It’s a positive report, Finance Minister Nate Horner said in a statement Thursday.

“We promised to keep our economy moving forward and Alberta is reaping the benefits,” he said.

“Albertans can rest easy knowing that Alberta’s prosperity today means more stability tomorrow as we continue to pay down debt and save for the future.”

The province said its strong financial situation allowed it to pay down $13.3 billion in debt.

It also saw the Alberta Heritage Savings Trust Fund grow by $2.5 billion to $21.2 billion.

Revenues came in at $76.1 billion, which is $13.5 billion more than expected, due to non-renewable resource and tax revenues.

The government spent $64.5 billion, which was $2.4 billion more than budgeted, on higher-than-expected health-care costs and affordability measures to help Albertans deal with inflation.

This report by The Canadian Press was first published on June 29, 2023.

The Canadian Press

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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